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raise tax rates on the top 2%. republicans say the tax hikes would only hurt job creation. but in arlington, virginia, vice president biden said today's jobs report shows the economy is turning a corner, so it's critical to get a deal. >> there is a sense... there is a sense that if we can reach an- - act like adults and reach an agreement here on the fiscal cliff, the upside is much higher even than the downside is if we don't. >> sreenivasan: biden said the president is willing to consider what he called any serious offer. aides for the two sides were expected to continue talking, through the weekend. wall street was mostly higher on the news from november's jobs report. the dow jones industrial average gained 81 points to close at 13,155. the nasdaq was hurt by another sell-off in apple stock, and fell 11 points to close at 2,978. for the week, the dow gained 1%. the nasdaq lost 1%. this was another tense day across egypt, as a political crisis deepened. tonight, thousands of protesters pushed past army and poli
raise tax rates on the top 2%. republicans say the tax hikes would only hurt job creation. but in arlington, virginia, vice president biden said today's jobs report shows the economy is turning a corner, so it's critical to get a deal. >> there is a sense... there is a sense that if we can reach an- - act like adults and reach an agreement here on the fiscal cliff, the upside is much higher even than the downside is if we don't. >> sreenivasan: biden said the president is willing to...
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on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but most of the big voices dug in. >> you had a fascinating interview with the head of the international monitoring fund, it will air sunday on "state of the union." let me play a clip. what happens in fiscal cliff negotiations in washington could have a huge impact around the world. >> there's still that degree of uncertainty that fuels doubt, that prevents investors, entrepreneurs, households from making decisions because they don't know what tomorrow will be. they know that a fix has been found for today but there is still work to be done tomorrow and day after tomorrow. so it wou
on the fiscal cliff. >> how does it play into fiscal cliff negotiation? >> you would think it gives them a sobering sense of if we do the right thing, maybe the economy keeps growing, if we do the wrong thing, might tip the united states. some think even the possibility of another global recession. you would think it would be a motivation to get things done. if you listen to what's said publicly, see if they're working out a deal privately, there are staff level conversations but...
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we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time rather than full time and that is ascribed to hurricane sandy. normally you do not expect that. >>shepard: the matters went, so what. >>gerri: well, they saw that the 350,000 number and they thought they didn't like that and the market pulled back a little. we have had back-and-forth situation on that, starting off 74 up on the dow and now we are down. >>shepard: better than negative. >>gerri: better than negative. >>shepard: millions of american jobs potentially on the line if lawmakers do not get their act together. house of representatives speaker boehner says there is in progress in talks to avoid the
we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time...
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a very stark assessment from the house speaker on where the fiscal cliff talks stand with 24 days to go. where should you put your money heading into this weekend? could be a very crucial weekend. >>> no worries. with the unemployment rate still near an 8% level, why some companies can't find workers. there's work and it is not a skills gap. we'll show you what else is being factored in to that equation. >>> and no fair, perhaps? well, a big change at big blue. ibm changing the way it pays down its 401(k). will other companies follow suit? tyler mathisen, my partner, who is always fair, always working, and is always a work in progress, according to this, is at new york stock exchange. hi, ty. >> i am the ultimate work in progress. thank you very much. >>> despite the assessment from the speaker of the house on the fiscal cliff, the fact he says there is no progress being made so far, the dow sort of playing past it. right now the industrials up by 46 points at 13,120 and change. apple is part of the nasdaq. apple down $14 a share. another 2.66% today as scott mentioned a moment ago,
a very stark assessment from the house speaker on where the fiscal cliff talks stand with 24 days to go. where should you put your money heading into this weekend? could be a very crucial weekend. >>> no worries. with the unemployment rate still near an 8% level, why some companies can't find workers. there's work and it is not a skills gap. we'll show you what else is being factored in to that equation. >>> and no fair, perhaps? well, a big change at big blue. ibm changing...
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but slowly we are being weighed down by the fiscal cliff. cheryl: that means a new year's eve selloff. >> you will not time it if you are an investor. focus on companies that have strong balance sheets, pay a good dividend and have strong growth rates. five more of your favorite names on market selloff when you have more opportunity. cheryl: pier one is a risky play. >> the consensus estimate is for growth rate over the next five years. they seem to have finally fixed their project mix. i go with what my wife and friends do and they like to go back into pier one to shop now. cheryl: i haven't been to one in years, i better go check it out. thank you very much. dennis, over to you. dennis: d has an app for that. it could cost them a lot of money. do not change the channel. up next, the batmobile. how much would you bid? take a look at tenure treasuries first. ♪ [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why
but slowly we are being weighed down by the fiscal cliff. cheryl: that means a new year's eve selloff. >> you will not time it if you are an investor. focus on companies that have strong balance sheets, pay a good dividend and have strong growth rates. five more of your favorite names on market selloff when you have more opportunity. cheryl: pier one is a risky play. >> the consensus estimate is for growth rate over the next five years. they seem to have finally fixed their project...
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the timing is interesting, obviously, just as we're learning that fiscal cliff negotiations are now a party of two, the president and the speaker. the "new york times" reporting that house speaker john boehner wants to speak only to president obama out of public view. though we've just learned that boehner is holding a news conference at 11:00 this morning eastern time. the fight, though, still very public. vice president joe biden is meeting with a middle class family. and yesterday president obama met with a virginia family. tax hikes for the rich are nonnegotiable. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is for families like this one. >> joining me now is barry, msnbc political contributor and editor for grio. hello, guys. >> perry, i'm wondering if these new unemployment numbers add to the president's leverage? >> i think they do. the big thing is the election. but the jobs numbers suggest that the economy is doing well and it cuts
the timing is interesting, obviously, just as we're learning that fiscal cliff negotiations are now a party of two, the president and the speaker. the "new york times" reporting that house speaker john boehner wants to speak only to president obama out of public view. though we've just learned that boehner is holding a news conference at 11:00 this morning eastern time. the fight, though, still very public. vice president joe biden is meeting with a middle class family. and yesterday...
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fight over the fiscal cliff. let's take a look -- a look at the numbers. the labor department reports 146,000 job were -- jobs were added last month. the unemployment rate reached a four-year low, 7.7%, from 7.9% the year before. democrats say the report shows the economy is improving enough that the wealthiest 2% of americans can afford a tax increase. but house speaker john boehner just talked to reporters here at the capitol. he says increasing tax rates will jeopardize the gains. he sounds very frustrated about where the talks are right now. >> this isn't a progress report because there's no progress to report. when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week -- another week. >> reporter: there are reports this morning that fiscal cliff negotiations are really between president obama and speaker boehner right now. the speaker said he spoke on the phone with the president yesterday and it was a pleasant conversation. but more of the
fight over the fiscal cliff. let's take a look -- a look at the numbers. the labor department reports 146,000 job were -- jobs were added last month. the unemployment rate reached a four-year low, 7.7%, from 7.9% the year before. democrats say the report shows the economy is improving enough that the wealthiest 2% of americans can afford a tax increase. but house speaker john boehner just talked to reporters here at the capitol. he says increasing tax rates will jeopardize the gains. he sounds...
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cliff if we don't get higher rates was reckless talk. the staff resumed conversations yesterday in the phone call between speaker boehner and the president that you mentioned. so it's difficult to tell. i still believe as i've said ever since the election that the conditions are emerging for a potential deal, but you've got to get there when the speaker can rally his troops behind the sort of deal that the president will accept. the president believes he holds the high ground. he has all the tax cuts expiring at the end of the year and the question is do we have to go over that cliff before a deal can be struck or not. >> we asked you yesterday whether or not progress was taking place at least on the staff level. you said there were differing opinions. has the needle moved on that front? >> well, the movement of the needle was that yesterday the staff resumed conversations after a little hiatus over several days before that, so that is a progress in and of itself that they're talking, but there's no indication that those conversations ha
cliff if we don't get higher rates was reckless talk. the staff resumed conversations yesterday in the phone call between speaker boehner and the president that you mentioned. so it's difficult to tell. i still believe as i've said ever since the election that the conditions are emerging for a potential deal, but you've got to get there when the speaker can rally his troops behind the sort of deal that the president will accept. the president believes he holds the high ground. he has all the...
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cliff policies and they made a projection that while 2013, if all of the fiscal cliff things and all is enacted in congress and you do nothing to stop the tax rate increases for everybody, 2013 will be bad but by 2018 and 2020 we will be a better did debt to gdp ratio than we've had in decades, that we will be running budget surpluses and we'll be full deployment. do you believe the analysis of the fiscal cliff impact was too rosy? >> projections are very difficult. it's very difficult to take into account the effect on confidence. as i said, consumers have been confident. they've maintained that confidence. but look at what happened during the debt limit debacle a year ago august. look at how the economy came to a grinding halt at that point. >> and that's your fear that the cliff could just freeze consume earp confidence and that's something you can't right now project as an economist? >> no one wants to go over the fiscal cliff. worse would be for the president to sign a bad bill. >> all right. alan krueger, chairman of the president's counscil on economi advisers. mr. krueger, ni
cliff policies and they made a projection that while 2013, if all of the fiscal cliff things and all is enacted in congress and you do nothing to stop the tax rate increases for everybody, 2013 will be bad but by 2018 and 2020 we will be a better did debt to gdp ratio than we've had in decades, that we will be running budget surpluses and we'll be full deployment. do you believe the analysis of the fiscal cliff impact was too rosy? >> projections are very difficult. it's very difficult to...
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cliff are not hurting president obama's approval rating. it's now at 57%. that is the highest rating since may 2011 when navy seals killed osama bin laden in a raid. 42% of americans say the country is on the right track and majority think it's likely president obama will improve the economy. >>> time now 5:35. the national football league is willing to help the raiders build a new stadium in oakland. nfl commissioner says it's crucial the raiders improve their stadium situation and the nfl would help pay for a new one. now the team and the city have held negotiations about a new stadium but there is nothing concrete yet. commission ever cadel also said they could -- but that deal would have to be worked out between the two teams. >>> a big change may be coming to the national football league in the near future. coming up at 5:45 why some people want kickoffs to be eliminated and what they would replace it with. >>> new this morning november unemployment report was just released. it is a little better than expected. it shows the u.s. econom
cliff are not hurting president obama's approval rating. it's now at 57%. that is the highest rating since may 2011 when navy seals killed osama bin laden in a raid. 42% of americans say the country is on the right track and majority think it's likely president obama will improve the economy. >>> time now 5:35. the national football league is willing to help the raiders build a new stadium in oakland. nfl commissioner says it's crucial the raiders improve their stadium situation and...
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>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot quicker than they come down. >> you've seen the commercial allied financial where they say the greatest economists in the world and a nobel laureate and do you know where interest rates are going in a year, and he says no. we should know what cd rates are going. >> i think they've done the best they can -- >> what is the maximum amount cd rates could fluctuate in the next 12 months? >> could fluctuate? >> a quarter pobet? >> a quarter point. >> where are they? >> 0.3. >> long term? i saw the ad, i saw a full-page ad in the detroit paper recently that a bank was bragging about their incredible interest rat
>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot...
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the truth is, the best thing we could do is go over the fiscal cliff. we have the same tax rates that we have when bill clinton was president. significant cuts in defense and also significant human services can you tell us. >> katie, let me ask you, before you respond to what governor dean is saying. there is logic to what howard dean is saying. i don't happen to agree with it. but i know where he's coming from. katie, let me ask you this -- katie can't hear me. we'll wait for her to get back hooked in. howard, what about the notion that i'm posing tonight -- i've said this a few times -- republicans better be careful. they're not going down your road and the democrats aren't going down your road. you have middle class tax cuts for the democrats and it sometimes sounds to me as an old reagan conservative that the republicans better watch themselves because sometimes it sounds like they are kind of defending rich people. that's their whole mantra, just defending rich people. and i think that's not where they should be. >> i would agree. if i were politic
the truth is, the best thing we could do is go over the fiscal cliff. we have the same tax rates that we have when bill clinton was president. significant cuts in defense and also significant human services can you tell us. >> katie, let me ask you, before you respond to what governor dean is saying. there is logic to what howard dean is saying. i don't happen to agree with it. but i know where he's coming from. katie, let me ask you this -- katie can't hear me. we'll wait for her to get...
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. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next year anticipating what's going to happen. we can fix this christmas eve if we want, but we've already hurt the economy and job growth. >> are you with boehner? >> i'm not with boehner. this government doesn't need anymore money. this country needs less government. we're going to have historic levels of revenue to the government this year. >> everyone's taxes are going up at the end of the year if there's no deal. >> we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> wh
. >> should there be a compromise in order to avoid going over the fiscal cliff? john boehner's already $800 billion in increased tax revenue, not necessarily raising the marginal tax rate on the wealthy, but capping deductions, limiting loopholes, are you with the speaker of the house on that? >> unfortunately, wolf, the policies of president obama have already taken us over the cliff. if you meet with businesses like i do all the time, they've already paired back plans for next...
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is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: that danger not enough to keep congress in session. it's already quit for the week as most lawmakers assume correctly, they are not players until there's a deal. president obama, in a meeting with some of the country's largest corporations demand that congress raise the debt ceiling without any strings attached. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, i will not play that game. because we've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction.
is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: that danger not enough to keep congress in session. it's already quit for the week as most lawmakers assume correctly, they are not players until there's a deal. president obama, in a meeting with some of the country's largest corporations...
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we have no idea where the capital gains are going to go, we're going to go over the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of what's coming in general? >> this is the stock, yes, it's cheap, now once it goes down, we have a million reasons, well, it's a nokia phone, well, it's china. ipad miniis available. this is a stock that's so widely owned. it reminds me of sirius satellite. every doctor, every dentist owns apple. they don't know the price per share, they just know it is the proxy for the market. >> they just accelerated dividends. but i think we're talking now 150 companies in some fashion have accelerated or put forward a special dividend. you put forward a special market share, china is 76, with the market share at least.
we have no idea where the capital gains are going to go, we're going to go over the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of...
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who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we take a dive off that cliff? even though president obama and john boehner chatted on the phone, there's still no deal. republicans are not amused. >> incredibly, many top democrats, including the president, seem perfectly happy. perfectly happy to go off the cliff. that's why the president has been more interested in campaign rallies than actually negotiating a deal. >> many americans don't have much hope the two side also come up with a deal. they've moved on already to plan b. the retired teacher in utah has put off plans to get a new car. brian chandler,
who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we...
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. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential, that the money is not essential, that the dollar figure is not essential, that the rates going up are essential, and that's just interesting. going over the cliff comes with a lot of -- a lot of things that could affect the economy and the treasury secretary knows that. bill: 10% unemployment. tax rates for everybody going higher. what are you hearing on the house side? among the house republicans, whether or not they are behind the speaker, whether they are pulling away from him, where does that stand do you believe? >> reporter: you know, there are some on the house side that have a lot of concerns ab
. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential,...
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for tha
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for negotiations. >> get him out and get some women -- the congresswoman we had on the other day, the republican congresswoman, mcmorris rogers. sorry about that, really tired, she's fantastic. get her at the table more. get more women to the table because that's just not the way to negotiate. i agree with the administration's position on this. >> the treasury secretary yesterday goes oh, yeah. we can go over the fiscal cliff. >> don't you think that's going to make everybody feel really good, the markets. >> the republicans are doing the same thing. somebody has to be better. >> but the republicans don'
is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- rr s -- rrm, it'emy 2%, it can't be solved. i think there's broad recognition of that reality now. >> okay, julia. see, this is the problem with men. on sunday morning geithner went on "meet the press" like they're going to cave. >> that's not good tactics for...
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cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. all those americans, too, get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today but we're still at stalemate. >> yeah, i mean, it's a sign, jessica and dana, of just how lack -- how little progress there's been that a phone call is big news between these two. dana, we're also hearing hints of some move between republicans, coburn, olympia snowe, susan collins. what are you hearing? how significant is it? >> reporter: it's significant for a couple reasons. one is, you're right. three republicans in different ways suggested they would be okay with what most republicans are saying, that they're not okay with, w
cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. all those americans, too, get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom...
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cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it's worthwhile to go over the cliff, it's not the case. it is, without a doubt, a cliff. it's $600 billion. the economy cannot withstand that shock. it's slowing in anticipation. lou: $6 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodit prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big tim
cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it's worthwhile to go over the cliff, it's not the case. it is, without a doubt, a cliff. it's $600 billion. the economy cannot withstand that shock. it's slowing in anticipation. lou: $6 billion...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make addition
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we...
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fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they want to lower tax rates for everyone. instead they'd raise money only by limits deductions and closing loopholes. speaker boehner says this will raise $800 billion over ten years. >> america faces a serious problem. our goal is to make sure it gets solved. >> step two, avoiding the drastic spending cuts that begin on january 1st, the so-called sequester. both sides want to find savings in medicare, but disagree about how to do it. >> we need a responsible white house. we can't sit here and negotiate with our
fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not...
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we were talking about the so-called fiscal cliff, if that happens, automatically taxes are going to go up for everyone. maybe, then, someone would ask, who was it that said we shouldn't just pass the tax cuts to make certain that the working poor and the middle class get it, who stopped us and who pushed us over the cliff. it won't be the democratic minority in the house of representatives. >>eric: always good to talk to you congressman rangel. good to see you, sir. paying for complaining is the wrath a restaurant chain is facing for speaking out on the president's health care law going to hush others up? not if herman cain has his say. he is next. you won't take my life. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12ears. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪ tdd#: 1-800-345-2550 at schwab, we're committed
we were talking about the so-called fiscal cliff, if that happens, automatically taxes are going to go up for everyone. maybe, then, someone would ask, who was it that said we shouldn't just pass the tax cuts to make certain that the working poor and the middle class get it, who stopped us and who pushed us over the cliff. it won't be the democratic minority in the house of representatives. >>eric: always good to talk to you congressman rangel. good to see you, sir. paying for complaining...
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go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole, thank you very much. >>> meantime, more than 100 major companies have now announced either special dividends or move their dividends up from next year to this year. it is all being done ahead of fear of potential higher taxes on capital gains. while shareholders may be happy, there are likely to be some very unintended consequences. robert frank is here. what are said unintended consequences? >> there are unintended consequences. basically i'm going to call it the great income shift. basically it could leave state and federal governments with huge budget holes and another big defense dit problicit probl.
go over the cliff so that tax rates reset and we can get on a bitter fiscal trajectory, and -- and -- they can quickly, as nicole mentioned, reverse some worse effects of that. and in that sense, we've gone over it, but briefly. i'm not for it but that is a resolution that would really use the leverage, the dynamics that are in play right now to finally get us on a more sustainable fiscal path. >> it's not juvenile hall, it is just detention. you eventually get out. jared and nicole,...
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so while we're stuck on thinking about tax rates increases versus revenue, this fiscal cliff issue much larger. talks about the debt ceiling and what that means for next year. treasury saying that sometime early next year they will run out of those extraordinary measures and the u.s. will have to raise the debt ceiling or default. back to you. ashley: very good point. rich edson in d.c. thanks very much. tracy: our next guest says, forget taxes. washington needs to focus on cutting entitlement spending if we want to prevent a battle between old and young americans. diana further got roth, senior fellow at man hat taken institute and joins us now. diana, seems to me raising the retirement age is the simplest thing you could do yet we're not talking about that. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is arou
so while we're stuck on thinking about tax rates increases versus revenue, this fiscal cliff issue much larger. talks about the debt ceiling and what that means for next year. treasury saying that sometime early next year they will run out of those extraordinary measures and the u.s. will have to raise the debt ceiling or default. back to you. ashley: very good point. rich edson in d.c. thanks very much. tracy: our next guest says, forget taxes. washington needs to focus on cutting entitlement...
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we are looking at some tough economic numbers, even as we head toward the fiscal cliff, which could make it even worse. so we need to do all we can to ensure that our workers and our farmers have access to the 95% of consumers who live outside of our borders. that adds jobs. and when companies consider whether they're going to get into the export business or not which, again, creates opportunity here, they want to know are they going to be treated with certainty, predictability, with fairness in the marketplace. exporters need to know that the country doesn't play by the rules, that country will then face consequences. and those consequences really is what the world trade organization is all about. that's why this discussion is so important, because by today or tomorrow voting to authorize permanent normal trade relations with russia, we then can take advantage of the world trade organization rules as they relate to russia and our trade with them. russia joined the w.t.o. on august 22, and the united states was a big part of that accession we were talking for 18 years with russia to ensu
we are looking at some tough economic numbers, even as we head toward the fiscal cliff, which could make it even worse. so we need to do all we can to ensure that our workers and our farmers have access to the 95% of consumers who live outside of our borders. that adds jobs. and when companies consider whether they're going to get into the export business or not which, again, creates opportunity here, they want to know are they going to be treated with certainty, predictability, with fairness...
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we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal cliff certainly the issue in the short term for a lot of big businesses and certainly for a lot of american taxpayers. however, long term is another story when it comes to the economy, and entitlements, the president referring to that as well. as we continue to get that feedback you can check it out
we'll try to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get...
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cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we never discuss spending. so from this standpoint, the left is absolutely winning this argument, because that's what you and i are talking about right now, tax revenue. there is not a revenue story. -- this is not a revenue story. it is a spending story. >> thank you, you are right sir, yet again. thank you very much indeed. let's bring in kirsten powers. she joins us from washington. kirsten, welcome to the program. i don't think you have been on before, have you? >> good morning, i don't think so. though i've always wanted to be invited. stuart: okay. i watch you all the time, and i dete
cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we...
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with things like the fiscal cliff coming up and a radical change in tax rates and possible future growth rates, i just think there are going to be lots of decisions that need to be made. lots of interesting decisions that aren't just m&a. corporate boards need advice on that. i'm optimistic it will be a decent year. >> we hope to visit you during that year. thank you. >> back to you, melissa. >>> news for investors out there. let's send it to mary thompson for a market flash. >> cnbc obtaining a notice that the company is raising margin requirements for apple to 60% from 30% effective at midnight tonight. one thing we want to note is cnbc has spoken to other people on the equity desk. they say they are not planning to follow the raise of margin on requirements for apple. we want to note that core clearing will issue a statement on this later. back to you. >> all right. thank you very much, mary thompson. still ahead, live coverage of president obama's remarks on the fiscal cliff before the business roundtable. can the president convince corporate america that he's got the right solution
with things like the fiscal cliff coming up and a radical change in tax rates and possible future growth rates, i just think there are going to be lots of decisions that need to be made. lots of interesting decisions that aren't just m&a. corporate boards need advice on that. i'm optimistic it will be a decent year. >> we hope to visit you during that year. thank you. >> back to you, melissa. >>> news for investors out there. let's send it to mary thompson for a market...
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. >> senator rubio weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york post" photo has become the source of a lot of controversy. it shows the victim desperately trying to climb up from the tracks as the train approaches. this morning we're hearing that the photographer has said some things in his own defense. cnn's mary snow has more on this report. >> [ bleep ] alone. take your [ bleep ] over there. >> reporter: why exactly these men were fighting is unclear. but moments after this video obtained by the new york police was record 58-year-old ki-suck han whose face is obscured, was pushed on to the tracks, police say, by the man yelling at him. subway barreling through the station killed han with ho
. >> senator rubio weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york...
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he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceili
he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on...
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president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what this is all about. t
president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best...
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. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no agreement, you know the deal, everyone, everyone's taxes go up. representative tom price of georgia joins me now from capitol hill. he is a hard line republican. congressman, good to see you. thanks for coming on. >> yes, thank you so much. good to be with you. >> the republican plan published yesterday, it is note worthry, congressman price, it would raise more money through the tax system this and is a pretty big departure for your republican party. i just want to know, do you support this proposal put forward by the speaker of the house? >> well, this proposal is jus
. >>> back to our conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no...
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i think the fiscal cliff is just a big red herring to get rid of the social programs. i have read this in the constitution. your district has the shortest life span in the country, the highest infant mortality rate for children, the highest per capita for people without health insurance, and we follow mississippi. they are ahead of us in that area. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party have taken the country, come and look at your district. >> guest: i would be delighted for people to look at my district. i think it's a great district. 14,000 farms and ranchers to tremendous military installations. you're right next to the field artillery. the colleges and universities, 11 indian tribes and about every ten years or so the best college team in america. it's a special place pitted i would argue with your statistics, but -- i do think i would reflect what people in my district think. i won the election with 68% of the vote and as you were kind enough to point out, i'm saying the
i think the fiscal cliff is just a big red herring to get rid of the social programs. i have read this in the constitution. your district has the shortest life span in the country, the highest infant mortality rate for children, the highest per capita for people without health insurance, and we follow mississippi. they are ahead of us in that area. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party have taken the...
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cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise that debt ceiling so the u.s. doesn't go into default. tha
cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they...
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stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the tax rate issue. the president insists more revenue comes from higher rates, not deduction limits. -pit's a standoff and it contins less than four weeks to go until the deadline. be careful what you say in a local police want a law, new law requiring that text messages be saved for two years. how do you feel about that? ever texted something you wish would go away right now? there is of course the privacy issue as well. well, here comes the judge. he will be new at 10 on this one. got it. shares of darden restaurants, they're down today and they're the comp
stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the...
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we'll let you go over the fiscal cliff and we'll see what happens. >> reporter: at the last minute i think there will be a deal. i think republicans will retreat and say okay, you can have higher tax rates but only on people making a half million dollars a year. the president will say, okay, but we'll only discuss -- we'll think about, we'll promise spending cuts in the future. it will be a way of kicking the can down the road. martha: charles krauthammer have a will the more leverage than republicans realize. the president does not want us to go into a recession. we'll talk about that coming up. bill: democrats are all about tax hike and republicans argue massive spending programs like medicare and social security must be dealt with in any kind of deal if you want to bring count deficit today. south carolina senator republican lindsey graham on that right now. >> social security and medicare are $50 trillion under funded combined. we need to adjust the age of retirement slowly but surely for people independent 55. because we are all living longer, you and i need to pay a little more
we'll let you go over the fiscal cliff and we'll see what happens. >> reporter: at the last minute i think there will be a deal. i think republicans will retreat and say okay, you can have higher tax rates but only on people making a half million dollars a year. the president will say, okay, but we'll only discuss -- we'll think about, we'll promise spending cuts in the future. it will be a way of kicking the can down the road. martha: charles krauthammer have a will the more leverage...